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something that will put this country on the long term path to a sustainable, strong economy like we need to create jobs. >> you were called the ultimate facilitator when you were in washington working in the first bush white house and you were incredibly successful in getting through some very tough initiatives in the second bush white house. how would you go about bringing these two sides together? what do you think is the key here for actually getting a deal done if you were the facilitator trying to bring these two sides together? >> i think the key to getting the deal done, sue, is to put yourself in the other person's shoes, realize it is very early in the game and realize on both sides that anything you say, anything you do can have an impact on locking people in to positions that you do not want to lock them in to. you want to keep people in an open space with open minds so you can move the pieces around and find the right combination that will keep us from going off the fiscal cliff. i think you also have to realize that you have people on both sides who it's not going to be a ma
to be in the first term. there are parallels to reagan and clinton who had first terms and successful economies for the second terms. are you hoping you are going to get the kind of economic security if not prosperity in this term that will allow you to do the thing that is barack obama when you sailed in on hope and change hoped he could do? >> piers i do believe the economy is in proving. one of the reasons the economy is improving is that it was brave. it was not a popular decision at the time. it was brave to move forward on the recovery act. without that, we would have slid into a second great depression. it was brave to stand up the financial industry when it was on collapse. because he understand that we needed to move the economy forward. and now we are reaping the benefits of that. i believe that gives us a chance to move forward on a series of fronts and further strengthen our economy. we are not losing 800,000 jobs a month anymore. we are gaining them. and that foundation that has been laid it is a foundation on which we can build progress. >> one is i understand that the first perso
". >>> president obama says his re-election proves that americans want action on the economy, not just politics as usual: just days after his victory, he's laying out a framework for compromise with the republicans to avoid $600 billion in automatic spending cuts and tax hikes in the next year. he says he's open to new ideas, but he warns the federal government can't cut its way to prosperity. >> if we're serious about reducing the deficit, we have to combine spending cuts with revenue. and that means asking the wealthest americans to pay a little more in taxes. that's how we did it -- that's how we did it in the 1990s when bill clinton was president. that's how we can reduce the deficit while still making the investments we need to build a strong middle class and a strong economy. that's the only way we can still afford to train our workers or help our kids pay for college, or make sure that good jobs and clean energy or high-tech manufacturing don't end up in countries like china. now, already i've put forward a detailed plan that allows us to make these investments while reducing our deficit
economy are not. time to get to work. and there is lots of work to be done. starts with averting the disaster of our own making. i repeat that. the fiscal cliff. we've got it covered frommive angle. christine romans is host of "your bottom line," richard quest of "quest means business," david walker spent a decade oversaeg the federal government, how it spends your tax dollars as the u.s. comptroller general. today he's the ceo of come back america. he's an unapologetic deficit hawk. mohammed al arian is the ceo of pim he could. his firm is the largest investors in bonds. and stephen moore is the founder of the low tax advocacy group club for growth. i'm going to start with you, stephen. my good friend, the fiscal cliff is the immediate threat both parties need to come together to fix it because not fixing it would set even conservative fiscal causes back, don't you agree? >> yeah. i think most republicans agree. they don't want to go off this fiscal cliff either, ali. i think the one hang-up in negotiations which will start on tuesday is the president says, look, i was re-electe
westgate in london on all of that. japan's economy shrank, first contraction since last year. the data adding to signs of slowing global growth and tensions with china nudging the which i into recession. and yen minute's main oil export pipeline shut after it was blown up in two pieces. local news organizations didn't identify the attackers, but they've been repeatedly sabotaged. finally, iran launched a military drill across half of the country today. government warning it would act again against aggressors. >> where is your jacket? >> i decided in high spirit of rising above to take it off today. but i can't find my pin. >> i'm putting mine on right now. >> it's you saunderstood we're above. p. >> and you're about to talk about corporation news we haven't especially touched on petraeus. maybe we'll sneak that in. >>> htc announcing a global patent settlement and ten year licensing agreement. the deal sends one of the first major conflict of the smartphone patent wars. apple sued accusing the company of infringing on its technology. and citigroup will pay 15.5 million each to former c
cliff, raising taxes in a slow economy. all of it is coming home to roost. >> mike, we had the president come out saying that he will veto any legislation that allows the tax cuts to be extended for the highest earners. is that what poured water on the rally? >> it didn't hurt. obviously, there was no breakthrough. i think the one thing to take away from today's action was the fever kind of broke a little bit in terms of the market really being hyper actively responding to every little knnuance. i think the market would have liked to see a little more affirmative suggestions that were going to come closer together. i don't think it was something that alarmed everybody, considering the height of panic that built up over a couple days. >> all right, guys. thanks so much. appreciate that. it has been a week to forget for the bulls. tough week after the election. courtney reagan wraps up the big losers and mixes in a few silver linings on the upside. court, over to you. i don't hear her. okay. courtney reagan, obviously her microphone, we're going to fix that in a moment and get back to her.
. the first numbers are out now on how sandy is already taking a bite out of the economy. >>> and, we move to real estate. how real is the recovery? ben bernanke set to speak about housing and mortgages in just a few minutes and what he says could move the markets. >>> but first, let's head out to chicago where sue can be found at a major investor summit in the windy city. sue? >> indeed, i am in the beautiful windy city, ty. this is the schwab impact conference. welcome to the biggest convention center in the united states and it is chock-full with some of the top investment advisors out there. we're going to be talking to a number of them. we have a terrific hour planned here from chicago. we're going to talk to the five-star rated portfolio fund manager of the permanent portfolio fund, michael kuggino. he has $17 billion under management. we'll find out how he sleeps at night in this volatile market. >>> plus, liz ann sonders, schwab's chief investment strategist is with us. she's fired up about the fiscal cliff. she says congress has to rise above -- she's wearing one of our pins, ty a
, particularly on the economy and this is your wheelhouse right now. you've got some pretty firm ideas about how to prevent the fiscal cliff becoming a reality. tell me about that. >> well, we need to avoid the fiscal cliff. as the nonpartisan congressional budget office said, it will reduce gdp by almost 3% and keep in mind it's only 2% now so that means going negative, going back to recession. they predicted that unemployment would go back over 9% which would be terrible, obviously, and many other negative consequences. so they should do at least a temporary extension so they can buy themselves a little time for the new congress to get organized and new administration to get settled, and then get this thing solved as quickly as possible after that. so with the financial services roundtable, we asked them to bridge over with some extensions but then tackle it. that's going to have to include the president stepping forward and willingness to reform entitlement programs and on the republican side, they'll need to look at tax reform. speaker boehner said the other day he's looking at not raising r
and direct government actions aimed at stimulating the economy of the people's republic. but it seems like very few people in the west have noticed. i have to tell you, our big industrial stocks, they're trading at valuations that assume a depressed chinese economy, one that's not going to get any better. look, that's just wrong. it's not empirical. it's not rigorous. we just got some data overnight which showed that china's exports have climbed to a five-month high. that is not something you see from an economy that is about to crash and burn, is it? i'm not saying that china is fabulous and should be jumping for joy because of the state of their economic climate. but i am saying that the chinese negatives seem to be priced into all things china related. the chinese economy, i think, is in the process of bottoming. and based on what's been happening, i think it will have the kind of gentle, soft landing that very few investors, particularly the short sellers, are expecting. in other words, china is far from great. it's a heck of a lot better than the vast majority of people think. a lot o
debate and what the economy needs to stay in recovery mode. a setting rich in theater coming just hours after the speaker of the house, boehner, made his case. >> indeed he did, ty. thank you. i'm sue herera, along with my partner tyler mathisen. john harwood and eamon javers are in washington as we countdown to the president's statement in a few minutes. we're hearing that the white house has invited congressional leaders for a meeting at the white house next week on the fiscal cliff. that seems to mean, john, to me anyway, a little bit of progress. what type of tone do you expect, john, the president to take in this next address? >> sue, i expect him to be conciliatory and reaching out to republicans the way john boehner has tried to strike that mode on capitol hill. two different white house specialists just told me the president will walk out here and announce he's invited the bipartisan leadership of congress to the white house next week to begin talks on the fiscal cliff. i have to think there is a possibility that they can really make some headway, if not solve the problem before
% in a zero interest rate environment. we all knew it was going to be a slow economy. we all knew the market was going to grow slow. the bottom line is even with the decline in the last eight days, we're still up 6.5%, 7%. >> you're saying to buy into this selloff? >> i think you have to buy into it. where are you going to put your money? most of the money is going into fixed income. that's just crazy. we know future interest rates are going to go higher. that's not going to hurt corporations. it's not going to hurt profits, but what it is going to do is hurt the individual investor. they should be in equities. when you look at the dividend plays out there, it's crazy not to be. >> boy, when it comes to the markets, michael, you could not have a more different point of view, could you? >> we have about 30% cash. i took out another about 20%. we're about 50% today in cash. i don't think the fiscal cliff is going to happen. i think they're going to punt. i don't think anybody in washington, d.c. has the meatballs or spaghetti to care about cutting our debt and deficits. you know, the only thin
is offering the republicans. at some point, and i don't know how much we have to damage the economy before that, republicans will do something they haven't done in years and vote for a tax increase. >> thank you both. >> thank you. >> coming up, the fallout from karl rove's $300 million fail is getting humorous. wait until you hear the new plan. >>> and breaking tonight for the first time we are hearing what mitt romney really thinks about why he lost. you will not believe who he's blaming. stay with us. i always wait until the last minute. can i still ship a gift in time for christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. campbell's has 24 new soups that will make it drop over, and over again. ♪ from jammin' jerk chicken, to creamy gouda bisque. see what's new from campbell's. it's amazing what soup can do. out for drinks, eats. i have very well fitting dentures. i like to eat a lot of fruits. love them all. the seal i get with the super poligrip free keeps
thought that was amazing. it's a command economy. maybe they can pull it off. if they do it, they can take the whole world with them up, up. >> the governor hinting perhaps the data to be released tonight, tomorrow in china, will be better than expected. hinting at continuing slow growth. slow but it is growth and that's the important thing coming to china. we're getting notes and recognize there's certain china stocks. truck engines. we are seeing that last month was good. now, that's very contrary to what a lot of other retail and people saying retail commentary, distorted by the weather. but this china trade is gaining momentum, not losing momentum. at the same time that i feel that united states is losing momentum. >> interesting comments out of the boe. we knew that central banks doing nothing and governors now saying, qe which they have been pouring on for a long time, going to flatten out at the asset purchase levels and not having the impact. >> china trade. second is housing. i think they haven't done enough to be able to revitalize to be what i regard as the housing part of the g
slow down our economy. >> president obama from his part came into the east room. he also drew a line, but the line he drew was not insisting on higher tax rates but on higher tax revenues. >>> i'm not wedded to every detail of my plan. i'm open to compromise. i'm open to new ideas. i'm committed to solving our fiscal challenges, but i refuse to accept any approach that isn't balanced. >> so, larry, balance is the key for president obama, not necessarily increases in tax rates. signs of conciliation on both sides and late this afternoon the bipartisan policy center which has been pushing for a simpson bowles-type solution said they were encouraged by the flexibility shown on both side says. john harwood, appreciate it and let's get reaction, and we have republican whip senator john kyl from arizona and senator kyl as always, sir, thank you for coming on and let me just ask you, is this a new era of good feelings and is this an era of compromise and is this an era of common ground, mr. kyl? >> kumbaya. well, we hope so and you focused on precisely the issue here and maybe from what the
a tax cut for folks who don't need it. >> the issue there is we are not going to hurt our economy and make job creation more difficult, which is exactly what that plan would do. there are ways to put revenue on the table without increasing tax rates. >> what's your reaction? >> i'm actually more hopeful than al is. >> you used to be more depressed. what's gotn n tten to you? >> i spent the last few days here. i am more hopeful. we got a democrat president who's in his second term, who's been willing to put entitlement programs on the line. we got a speaker, a republican, who really gets it, who understands that we have to have some decisi additional revenue. we have over half a senate who have embraced a balanced plan like we've proposed. and we've got this fiscal cliff, which will force action. i think they are pretty pitch saying the same thing. both of them are saying we have to have revenue. the president says, look, i want that revenue to be real. the only way i don't know fknow real for sure it to raise the tax rate. the speaker is saying there's a better way to do it. that
that can stop any economy in it's tracks. [ sound of train ] >> i mind why we aren't pummeled instead of being unchanged like yesterday is because there are factors that need to be flushed out on this show. ones that may explain why things aren't going the intuitive way. the market is hopeful a deal can be reached. i find this hope somewhat incredible given the terrible track record of congress and the president. and the huge goal between the parts. after all, if you are president obama, you believe the election is over and your campaign received a ringing endorsement. but if you are a republican, you have to believe that those republicans that do not want to rise above politics are banking on massive declines in spending to wreck the economy. if you are a republican, in permanent campaign mode, i'm sure one of your advisers is saying that going off the fiscal cliff might be the best thing in terms of the midterm election. worse, if you are a democrat, you might think the defense spending cuts could be coming and you might think that is good. there is a sense that those who want to st
begins today. president obama will be making a statement on the economy. he'll speak from the east room of the white house at 1:05 eastern time. you can of course catch all of it right here on cnbc. john boehner is also scheduled to hold a you news conference today, as well. st. louis fed president james bullard is saying the u.s. economy is strengthening. but he's cautioning that leaders must tackle the looming fiscal cliff. a conversation we can't get away from. speaking in missouri yesterday, bullard also says he doubts the central bank will extend a bond maturity extension program that expires at the end of the year. bullard is not currently a voting member, but he will ebb in 2013. and china's national congress continues with new leaders for the communist party set to be named later this morning. today a rising star said the party is moving towards requiring officials to their their assets. so an interesting piece in the chinese business press this morning. >> we have been talking about the fiscal cliff and -- >> we have? >> and yesterday somebody tweeted a new drinking game. every
and pushing the sequester off. it won't get us out of the problem and it will also hurt our economy. because the american people expect us to find common ground, we're willing to accept some additional revenues via tax reforl. >> now, when i hear that, i don't hear i'm okay letting taxes go up on some people. i hear i'm okay closing loopholes and deductions where some high income earners may pay more than others. is that a deal you could work with? >> the question is is, what is speaker boehner saying? he really talking about a balanced approach or what he used to talk about and republicans have claimed, which is another round of tax breaks for wealthy people will somehow trickle down, magically boost the economy so much that it will pay for itself and not increase the deficit. we know that doesn't work. and if that's what speaker boehner's talking about, then really, it's not going anywhere. now, if he's talking about what we call genuine budget revenue, that's a different story and if that's the case, i'd love to see his proposal. the president has put his on the table for revenue. let's s
economies for the second terms. that emboldened them to be braver than they might have been. are you hoping you are going to get the kind of economic security if not prosperity in this term that will allow you to do, perhaps, the things that barack obama when he sailed in on hope and change hoped he could do? >> well, piers, i do believe the economy is improving. but i want to challenge a bit of your premise, because one of the reasons the economy is improving is because this president was brave. it was brave to intervene and save the auto industry, which was not a popular decision at the time. it was brave to move forward on the recovery act. which again was not popular at the time. and still is the source of controversial, because without that, we would have slid into a second great depression. it was brave to stand up the financial industry when it was on the brink of collapse. even though that was an unpopular thing to do. because he understand that we needed to do these things to move the economy forward, and now we are reaping the benefits of that bravery and good decisions because th
coalition and perhaps the fact that the economy got a little bit better is another fundamental fact but all these other things preoccupied us for some time. you can only, looking back, see those 20 debates that bushed everybody, including romney who became a moderate much too late to get that nomination. >> it is still striking. you have some 70% in the exit polls who believe the economy is in bad shape, 52% who feel like the country is off on the wrong direction. a lot of opposition thought to president obama and his policies and yet he prevails because of a coalition ever expanding that believes in a certain role for government, bob, that is opposed to where the republicans would like to take it. >> i think the big picture here is that president obama has got to deliver on the big issue, which is fixing the financial house of the u.s. federal government, it is in disarray, not just the fiscal cliff but $16 trillion in ious out in the world. in a couple of months, in february or march, they are going to have to renegotiate borrowing authority for another trillion or two dollars and if the
obama and prime minister cameron can do together to get the global economy on track and resolve serious situations like syria. >>> good morning from washington. it's friday, november 9th, 2012. this is "the daily rundown" i'm chuck todd. let's get right to my first reads in the morning. at 11:00, in the white house east room the president will speak to the nation for the first time since his election about what he hopes to accomplish before the end of the year. before taking on the new challenges though the president changed his campaign workers this emotional video from wednesday was released by the obama campaign. >> you guys have done, and the work that i'm doing has improved. i'm really proud of that. i'm really proud of all of you. and -- and what -- [ applause ] >> now it's back to governing. today the president will layout his marker for negotiations on the fiscal cliff. the combination of tax hikes and spending cuts that will kick in at the end of the year if nothing is done. a midnight december 30th, the bush tax rates will expire, the alternative minimum tax kicks in. more tha
, and with less revenue relative to our economy than we've had for 50 years. we're going to have to raise revenue. that revenue should come probably from the people who have been most fortunate over the last generation. that's the position the president's taking. i think it's a reasonable one. i think there's a shared reck a -- recognition between the president and the congress that it would be a catastrophe for the country if nothing was to be done and $600 billion was to be withdrawn from this economy. >> of course, the markets would also see that as a catastrophe. you know, there's an article in the "new york times" today. senator schumer was quoted. he said, look, we might be able to get that revenue you're talking about by eliminating the loopholes and leaving the highest tax rate at 35% rather than taking it up to 39.6%. it seems so petty to be discussing, you know, the tax rate on just a small portion of the population. but do you think you can get that revenue by eliminating the loopholes and leaving taxes where they are, broadening the base, lowering the corporate rate? >> i think there'
there is in the economy. i'm a little confused as to why you would think that would happen. >> what i'm saying is you could pick any target you want. picking targets is a far cry from actually making a difference on things like unemployment. targets are easy. >> but here's the thing. >> but the target is 2015. rates aren't movmoving. what are you suggesting? the fed was clear about this. >> if the rates go up, we're in a big, big problem because we cannot service the debt. they have to keep them down. >> very good point. >> i don't think that's what's behind fed policy. >> i do. >> when you think about higher interest rates, you have to consider why interest rates would be higher. they could be higher if there was more economic growth. more economic growth would mean higher tax revenue. in that regard, you wouldn't necessarily have to have these low interest rates. you could service a higher interest rate and a higher debt service if there was more economic growth. >> how do we get economic growth? >> when the private sector decides it's going to invest and spend and hire, maria. those are the source
budget office says automatic tax increases and deep spending cuts could send the economy into a deep recession. >> on tuesday night, we found out that the majority of americans agree with my approach. >> raising tax rates will slow down our ability to create the jobs that everyone says they want. >> still, john boehner has left the door open to finding new revenues by reforming the tax code. >> both sides will be looking for ways to claim victory without causing too much trouble for their respective party basis. >> both sides can at least agree on this. the nation cannot plunge off the fiscal clef. -- cliff. >> the president is encouraging congress to go ahead and extend tax cuts for middle-class americans while negotiations continue on the rest of this. >> so what is the fiscal cliff and how could impact your money if congress does nothing? the truth is, it could affect everything from your dog to your 401k to your wallet. -- your job to your 401k to your wallets. it could translate into your taxes going up by $3,500 next year. >> more will be taken out of your check. you'll have le
something. look at the jobless numbers that came out today. looking at the economy, things are not recovering as fast as people would like. looking at europe. the stock market dropped. in recent days everybody knows there's a real urgency to avoiding the fiscal cliff and doing something. i don't think the solution will necessarily be raising taxes on the top brackets. it seems like the loopholes are going to play a big role. capital gains, things like that. there may be an issue where they really go toe-to-toe on the tax rates and maybe there's wiggle room in the other areas. definitely an urgency to resolve this and set up the idea of overall tax reform in the coming years. >> standby, if you could. i want to bring in sheila jackson lee. so we were just talking about that with susan. would you be comfortable with the fiscal cliff that kept the rates the same but limited their deductions. >> you know, my main focus would be to ensure that the middle class are restored. in order to do that we cannot allow the bush tax cuts to continue. we must focus on saving medicare and so
that the central bank can't do much more to shelter the economy. >> we need to completely reboot tax policy and spending policy. if we have temporary fixes to the fiscal cliff, just push out the envelope of indecision until we have a sense of true direction, and it's time for our politicians to get their act together. >> fisher says he does not view the fed as a safety net. that is certainly a change of perception, one that congress is going to have to figure out pretty quickly along with the rest of washington. >> that it is. there's been a number of interviews this morning that would lead you to the same place. cisco reporting better than expected first quarter earnings in revenues, but the tech giant expects flat earnings and slower revenue growth for the current quarter. john chambers sees europe getting worse before it gets better, but he says there are signs of improvement in the u.s. economy. >> we want to be the one company that both exceeds expectations and doesn't bring down guidance. so kind of a hint on terms of what we see. it really says we're in the right spots for growth. mo
as the german economy raising some eyebrows. the cac 40 down 0.2%. the ibex trying to buck the trend and aed 0.4% this morning. but keeping with the sort of grim theme that's playing out, h and m reported numbers. they came out sharply negative rely it difference to what was expected. indicating softness in demand. here is just a seven day chart. but certainly as we gear up for walmart and target in the ut.s. increasing contrast. what's happening on the eurozone side. expects 2.5% contraction in the economy next year as the macro situation gets worse, the debt dry sis will only be called less resolvab resolvable. >> kelly, thank you very much. when we come back on squawk, we we are question wling what's rey at stake. is it truly vital that a deal be reach some had you can ask the ceo of dravis. he understands what could happen in the worst case scenario. having you ship my gifts couldn't be easier. well, having a ton of locations doesn't hurt. and my daughter loves the santa. oh, ah sir. that is a customer. let's not tell mom. [ male announcer ] break from the holiday stress. fedex office. >>>
-term health of our economy? we debate straight ahead. >>> and coming unraveled. he's the man some say is a bigger crook and liar than bernie madoff. >> how many people who are condemning what i did would know for sure they would never do anything like what i did if they knew they wouldn't get caught? >> we get the scoop about mark drier from a former employee who produced the award-winning documentary about one of wall street's biggest scam artists. that's all ahead on the "closing bell." i just want to give her everything. [ whistles ] three words dad, e-trade financial consultants. they'll hook you up with a solid plan. wa-- wa-- wait a minute; bobby? bobby! what are you doing man? i'm speed dating! [ male announcer ] get investing advice for your family at e-trade. >>> welcome back. let's check groupon shares. the stock down sharply today after reporting disappointing earnings moments ago. john fortt breaking down the numbers. 10.7 pv 10.7% lower. >> yeah, the stock traded up into the close. revenue fell short. $568.6 million versus $590 expected. eps flat, basically zero. 3 cents
that corporate profits will begin to disappoint and that the global economy will hardly grow next year or even contract. and for that is the reason that stocks from the highs in september at 1470 on the s&p will drop in my view at least 20%. apple has already dropped more than 20%. >> what's causing this global shedo do slowdown? is there any way out of this or is this a messes that we have to live with right now? >> each country has specific problems. i was in vietnam, i've seldom see seen such an overbuild real estate market. it will take years to absorb everything. and vietnam property market is a microcosm of the chinese property market. it will also take years in china to absorb all the properties that are being built. in the western world including japan, the problem is we have too much debt and that debt now will have to be somewhere somehow repaid or it will slow down economic growth. and so i think that we live beyond our means 1980 to 2007 and now it's pay back period. >> it's pay back period but if you have a situation that you expect where the fiscal cliff is one that we never addr
, positioning themselves to blame the other if things fall apart. sam say it would drive the economy back into a recession. the halls of the capitol, eerily quiet as congress commemorates veterans day. but this stillness will soon be replaced by frenzy to avoid the fiscal cliff. public posturing, however, is well under way. we can't accept an unfair deal that piles all of this on the middle class and tells them they have to support it. >> you do have to have revenues on the table. but that does not mean raising taxes. >> reporter: but there are new cracks in that gop pledge, conservative commentator bill crystal. >> it won't kill the country if we raise taxes a little bit on millionaires. i don't understand why republicans don't take obama's offer to freeze taxes for everyone below $250,000. >> reporter: he doesn't get a vote. gop senator bob corker does. >> we know there has to be revenues. look, i haven't met a wealthy republican or democrat in tennessee that's not willing to contribute more, as long as they know we've solved the problems. >> reporter: still, even if republicans agree t
the fiscal kind of steep slope heading down it could have some very bad implications for the economy. concerns about rolling down it or falling off it or whatever you want to call it have already made markets nervous and credit rating agencies and economists of all stripes are warning about the consequences of not hammering out a deal in time. politicians in both parties, well, they have been sending out mixed signals ever since the election. on the one hand, they're talking about common ground. take a look. >> we want our children to live in an america that isn't burdened by debt, that isn't weakened by inequality, that isn't threatened by the disruptive power of a warming planet. >> the nation as you know is at a critical point, at a time like this we can't risk partisan bickering and political posturing. if there's a mandate in yesterday's results, it's a mandate for us to find a way to work together on the solutions to the challenges that we all face as a nation. >> it's better to dance than to fight. it's better to work together. everything doesn't have to be a fight. >> sounds
markets but the overall economy is walmart. which is why we're keeping close tabs on the world's biggest retailer's decision to kick off its black friday promotions earlier than ever. to talk about the ripple effects of that and hurricane sandy, burt fleck enfleckenger. >> start first with this black friday move which lets a lot of people start shopping on thanksgiving. smart move by walmart or a desperation move by walmart? >> sue, it's desperation retailing and desperation discounting. >> why? >> as tyler mathisen referenced earlier, it's ho ho ho to try to hold sales by opening 16 hours earlier for black friday this year and 22 hours earlier than the prior year. walmart's got two salient ships which will benefit the company. number one, last year they sold out of 32-inch tvs in the stores i was in this less than 22 minutes. secondly, the lines, people were freezing for a few to five hours and getting into to best buy by comparison right away. walmart guarantees it will be one hour in line. that's a benefit. >> burt, let me ask you though. last year when we saw this happen there was a
of stock back. so that is a theme here. but the media showing else the uncertainty about the future economy, we're not sure where we're headed, scattered and so forth. >> this is the nonfiscal cliff, mlts believing in themselves roerm. because you at home don't want to buy it so we'll take it. >> hate to think where we would be without it, without this whole phenomenon during this year. >> bernanke hasn't talked about how that would be balance repair. >> i will tell you right now -- >> i'm trying to be positive. >> forget it, nothing happening in the next six weeks. >> too many holiday parties. >> let's worry, maybe next year. >> five more days until my kids are back. >> reporter: well, folks, happy thursday. this means one week to happy thanksgiving. people here are exhausted. they are trying to find any possible iteration to defying the fiscal cliff. i just talked to a trade never an investment conference that i talk to all the time. he said stock, mutual fun and etf sellers are everywhere in this conference are concerned about taxes and the fiscal cliff. general depression is what's goin
they could cripple the economy and trigger another recession. just a few hours from now, president obama underscores the urgency at the white house. his remarks could set the tone for upcoming negotiations with republican lawmakers. christine romans shows us how your money is in play. is your paycheck about to shrink? brianna keilar, three days after a bitter election, is either party really ready to budge? christine, nearly every american has money riding on this outcome, right? >> absolutely. the overall american economy does, too. let's talk about what the fiscal cliff is. starting in the beginning of the year because of a deal the congress did last year to raise the debt ceilings, all these things will go into play at the same time, big spending cuts, bush tax cuts expire, minimum tax cut goes away, payroll tax holiday goes away, unemployment benefits extension. whole bunch of things. middle income households making, say, $50,000 a year would see their tax bill rise $2,000. $2,000 for the year. immediately your paycheck, you would notice a change there o r overall, certainly in what
as it is advancing the cause of strengthening our middle class and improving our economy. you know, i've got a lot of good relationships with folks both in the house and the senate. i have a lot of relationships on both sides of the aisle. it hasn't always manifested itself in the kind of agreements i would like to see between democrats and republicans and so i think all of us have responsibilities to see if there are things we can improve on. and i don't exempt myself from needing to, you know, do some self-reflection and see if i can improve our working relationship. they're probably going to still be some sharp differences. and as i said during the campaign, there are going to be times where there are fights and i think those are fights that need to be had. but what i think the american people don't want to see is a focus on the next election instead of a focus on them. and i don't have another election. and, you know, michelle and i were talking last night about, you know, what an incredible honor and privilege it is to be put in this position. and there are people all across this country, mil
. it's all about attitudes right now. do we really want to do something for this economy or do we want to play political games and stop the 32 months of private sector job growth? americans have had enough of the bickering, and we will focus on this in the coming shows. and there's going to be a heck of a battle coming up in the lame duck session of the congress on exactly how we're going to solve this fiscal cliff that everybody's talking about. it's only a cliff if we want it to be. get your cell phones out. i want to know what you think. tonight's question, was president obama's re-election a victory for the middle class? text "a" for yes, text "b" for no to 622639. we'll bring you the results later tonight in the show. i'm joined tonight by richard wolffe and e.j. dionne, msnbc contributor, and author of the book, "our divided political heart." gentleman, great to have you with us tonight. >> thanks, ed. >> good to be with you. >> you bet. richard, you first. i called it a statement election. this means that it was a very clear message. do you agree with me on that, or how would yo
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